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QIP Roundup: 9 Companies Plan to Raise Rs 7670 Crore

30 June, 2009

Shree Renuka Sugars QIP Almost Complete – Narendra Murkumbi, MD, Shree Renuka Sugars has said that the company has almost completed its qualified institutional placement (QIP) issue and the details are expected soon. The funds will be used for expanding the company’s refining capacity. It will increase its refining capacity by this December to about 6,000 tonne per day and the sugar refining capacity will go up to 9,000 tonne per day by December 2010. It is reportedly looking at raising $105 million. (MoneyControl.com)

Pyramid Saimira Board Approves QIP – Entertainment Giant Pyramid Saimira is looking at raising funds through a Qualifies Institutional Placement (QIP). The company’s board has approved QIP of up to 1 crore shares and issue of 1 crore warrants to promoters. (MoneyControl.com)

Tech Mahindra Plans to Raise Rs 500-1000 Crore Through QIP – IT firm Tech Mahindra said on Wednesday that it is planning to pay back about Rs 1,000 crore debt for which it is issuing shares on private placement basis. The company has Rs 2,200 crore odd debt which it has taken to acquire a stake in Satyam Computer Services. The company is looking at raising funds through a QIP to retire its high cost debt. Tech Mahindra is looking at retiring between Rs 500 crore and Rs 1,000 crore of debt. Tech Mahindra board has approved the issue of 1.36 crore shares by way of private placement or Qualified Institutional Placement (QIP) basis. (The Economic Times)

Max India Plans to Raise Rs 400 Crore – Insurance and healthcare company Max India plans to raise Rs 400 crore through the QIP route, scrapping its earlier decision to raise up to Rs 650 crorevia a rights issue. A decision to this effect is expected to be taken at the company’s board meeting scheduled to be held on Wednesday. The company, which posted consolidated revenue of over $1 billion in FY09, is likely to dilute 7-8% stake following the placement. (The Economic Times)

Nagarjuna Construction to Raise Rs 550 Crore Through QIP – Nagarjuna Construction (NCC), a Hyderabad-based infrastructure company, is set to raise about Rs 550 crore through qualified institutional placement (QIP) with a greenshoe option to retain Rs 50 crore in case the issue is over-subscribed. The company’s board, which met on Monday, gave its approval to raise the money from qualified institutional buyers. The company will use around Rs 250 crore to repay debt. The balance will go towards meeting working capital needs of the existing build operate and transfer projects as well as new projects. (The Economic Times)

BoR to Raise Rs 250 Crore Via QIP – Private lender Bank of Rajasthan (BoR) plans to raise up to Rs 250 crore by issuing equity shares at a premium to institutional investors to meet Basel-II adequacy norms and also reduce promoter’s holding. Private lender Bank of Rajasthan (BoR) plans to raise up to Rs 250 crore by issuing equity shares at a premium to institutional investors to meet Basel-II adequacy norms and also reduce promoter’s holding. (Business Standard)

Bajaj Hind Board Approves Rs 1500 Crore QIP Issue – Sugar maker Bajaj Hidusthan is planning to raise around Rs 1500 crore through a QIP. The company board has approved Rs 1500 crore QIP issue. The QIP will be priced at Rs 204 per share. (MoneyControl.com)

HDIL Starts $300 Million Share Sale – India’s Housing Development & Infrastructure Ltd plans to raise about $300 million through a QIP. The company plans to sell shares in the range of Rs 240-250 each. The share sale to qualified institutional investors at 5.6% discount at the top end to Monday’s closing price, has just been launched. The offer is to raise a minimum of $300 million, but can go up depending on the response. The firm has received shareholder approval to sell shares worth up to $600 million. (Reuters)

Suzlon May Raise Rs 2,000 Crore Through QIP – Suzlon is exploring the option of raising around Rs 2,000 crore through qualified institutional placement (QIP) as current market conditions are convenient for such an instrument. It may use the raised funds to retire a part of its Rs 12,000-crore debt. (The Economci Times)

 


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1 Comment
Amit . 6 years ago

Anant Raj Industries has also got approval from the board to raise 2000 Cr.

QIP Roundup: 9 Companies Plan to Raise Rs 7670 Crore

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